As a seasoned crypto investor with a knack for exploring new opportunities, I find the introduction of Fractal Bitcoin mining on Binance Pool an intriguing development. Having been through multiple cryptocurrency trends and technologies, I can appreciate the potential that Fractal Bitcoin holds as a layer 2 scaling solution for Bitcoin.
Users are currently able to engage in Bitcoin mining through Binance Pool, receiving compensation in a digital currency known as Fractal Bitcoin. However, it’s important to note that Binance does not intend to list the FB token for trading anytime in the near future.
As a researcher, I’m excited to share that in a recent announcement, Binance has introduced a new merged mining feature on their Binance Pool for Fractal Bitcoin. Fractal Bitcoin is an innovative layer 2 side-chain scaling solution for Bitcoin(BTC), as stated on its official website. It leverages the Bitcoin core code to potentially scale unlimited layers on top of the world’s most secure and most widely held blockchain, offering a promising approach to addressing scalability concerns.
Starting from November 18th, Binance Pool’s Fractal Bitcoin merged mining will be activated. This means that users on Binance now have the opportunity to participate in Bitcoin mining and collect Fractal Bitcoins in their designated external wallet address as remuneration.
Despite the statement suggesting that the Facebook mining feature doesn’t guarantee immediate listing of the token on Binance, it’s important to note that the token is not yet featured on Binance’s exchange platform at this moment.
To begin mining Bitcoin, it’s essential for users to ensure they possess the necessary tools. These tools include a mining rig, a reliable power source, a stable internet connection, and a wallet with the ability to process transactions using at least 0.1 units of Fractional Bitcoin.
As an analyst, I’d guide you through the process: Firstly, you need to log into your Binance account and confirm your identity. Subsequently, establish a Binance mining pool account. Once set up, proceed to provide your account name, choose the preferred mining machine from the options given, and connect it to the network.
After establishing the account, users need to transfer Fractal Bitcoin to the external wallet linked with their Binance Pool account. Later, they can review their hashrate using the Binance Pool interface. This platform allows users to track their mining efficiency and income.
The cryptocurrency platform detailed that Fractal Bitcoin functions using a system where you get paid based on your Last-N Shares, with a minimum payout set at 0.1 FB. If your Fractal Bitcoin holdings don’t meet the minimal threshold of 0.1 FB for payout, any earnings will accumulate in your balance instead.
Individuals can seek VIP status by demonstrating that their daily computer processing power consistently meets the thresholds set by the Binance Pool. This qualifies them for VIP Level 1 to 9, with requirements ranging from over 20 Hash per second (Ph/s) to exceeding 4,000 Ph/s.
Alternatively, Binance advises that it may prevent users who are detected as altering, manipulating, or using third-party software to disrupt the functioning of the Binance coding system.
As a researcher, I find myself delving into the fascinating world of cryptocurrencies, and one particular project that has caught my attention is the Fractal Mainnet. This groundbreaking platform was officially unveiled in early September, carrying with it an intriguing connection to Bitcoin’s genesis block.
The mainnet boasts a “self-replicating congruence” with Bitcoin’s consensus mechanism. In simpler terms, this implies that all transactions and hashes within the Fractal network can be traced back to the primary Bitcoin blockchain.
Fractal also comes with OP_CAT, an old Bitcoin opcode that developers are pushing to get instituted back into Bitcoin Layer 1. OP-CAT would enable various applications on Fractal, including easily built ZK rollups.
🚀 Exciting news! The Fractal Mainnet is now active! 🚀
— Fractal Bitcoin (@fractal_bitcoin) September 9, 2024
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2024-11-18 13:01